For the past two months, a document has sat on the home page of the London Pension Fund Authority (LPFA) which would be the envy of many of its fellow defined benefit schemes. The document is simply, unequivocally headlined: “Your Pension Is Safe”.
Funds management is largely a fixed-cost business and with assets declining sharply due to both markets and redemptions, many managers are under financial pressure. Investors beware.
Asset consultant Watson Wyatt has recommended that its global clients suspend their securities lending programmes if they have any doubt about their arrangements with lending agents.
BNY Mellon Asset Management sees the financial crisis as a time of opportunity to increase its range of multi-affiliate firms through acquisition, according to its chairman, international, Jon Little.
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